Credit Union FAQ
Question: What are your costs?
Answer: The standard fees are (1) delivery fee of $525 for all loan types and (2) a flood cert fee of $20. There are additional fees associated with our line of home improvement mortgage products.
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Question: What kinds of products do you offer?
Answer:
- Conventional
- FHA
- VA
- Jumbo loans (to $2,000,000)
- Flex
- FHA 203(k) rehab
- Homestyle (Fannie Mae's duplicate of the 203(k) rehab)
- and more...
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Question: How would we work with you?
AmeriCU: At AmeriCU, we recognize that you know best what your needs are for support from a partner so we let you choose how you work with us by offering a variety of different options, each customizable to best fit you and your staff.
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Question: Can we do our own closing docs?
Answer: Yes. AmeriCU gives you the choice. You can produce your own closing documents or allow us to produce the closing docs on your behalf.
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Question: Do you use automated underwriting?
Answer: Yes, as a Fannie Mae partner we utilize the DU (Desktop Underwriter) automated underwriting system for the variety of different loan products that we offer.
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Question: Do you purchase Section 32 loans?
Answer: No, AmeriCU does not buy section 32 loans.
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Question: What is your turn around time for underwriting?
Answer: 48 hours.
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Question: Will AmeriCU Mortgage purchase closed loans?
Answer: Yes, AmeriCU will purchase closed loans.
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Question: Does AmeriCU offer any home improvement products?
Answer: Yes. AmeriCU offers a variety of home improvement products where the loan closes prior to any of the work being done.
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Question: Will you sponsor a Credit Union for FHA?
Answer: Yes. AmeriCU is more than happy to sponsor a Credit Union in obtaining their FHA approval and will also provide training on FHA loans to the broker.
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